Ow. That's a mess. What the heck was the deal with that situation from your perspective?

There was a woman across the street who worked as an operator at a company and had the biggest house in the neighborhood, bought two new cars and had her teenage boy with him. We both had good jobs and bought one of the smallest floor plans and would scratch our heads as to how she could afford that while this was a stretch for us...well about 18 months later the cars got repossessed, the house foreclosed and then I figured out that no one should have given her a loan to begin with....people like us who did things by the book got scr*wed royally...

Ow. That's a mess. What the heck was the deal with that situation from your perspective?

Here's something to wrap your head around...

The whole financial market is about trading debt and making money on it.

Mortgages = debt

Where things went wrong is that they starting delving into the territory of high risk debt and bundling it together with secure debt. No one really knew what they were trading and didn't care so long as they made money.

The whole financial market is about trading debt and making money on it.

Mortgages = debt

Where things went wrong is that they starting delving into the territory of high risk debt and bundling it together with secure debt. No one really knew what they were trading and didn't care so long as they made money.